Ex-CEO Howard Schultz says Starbucks needs to revamp its stores after big earnings miss

Key Facts

• Al Drago | Bloomberg | Getty Images Former Starbucks CEO Howard Schultz weighed in Sunday on the coffee chain’s dismal latest quarterly report, saying he believes the company will recover if it improves its U.S. stores.
• Schultz, who no longer has a formal role within Starbucks, wrote that the company needs to improve its mobile order and pay experience and overhaul how it creates new drinks to focus on premium items that set it apart.
• The answer does not lie in data, but in the stores,” Schultz wrote in a letter on Sunday evening posted to LinkedIn.
• On Tuesday, Starbucks slashed its full-year forecast after a surprise decline in same-store sales led the company to miss Wall Street’s estimates for quarterly earnings and revenue.

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